California Home Sales Down
To follow up on our report on home sales nationwide, we now have the numbers for home sales in California. The California Association of Realtors has released the numbers for September, reporting that year-over-year, "Home sales decreased 38.9 percent ...Closed escrow sales of existing, single-family detached homes in California totaled 271,590 in September at a seasonally adjusted annualized rate ... Statewide home resale activity decreased 38.9 percent from the 444,780 sales pace recorded in September 2006."
Median home prices also declined "The median price of an existing, single-family detached home in California during September 2007 was $530,830, a 4.7 percent decrease over the revised $557,150 median for September 2006, C.A.R. reported. The September 2007 median price fell 9.9 percent compared with August’s $588,970 median price."
To read more: California Association of Realtors